On May 15, 2024, Yamato Corporation announced in its press release that it had received a shareholder proposal from UGS Asset Management Co., Ltd. for its 79th Annual General Meeting of Shareholders. The proposal is as follows, i) Appropriation of Surplus. The company has opposed the proposal stating that the Shareholder Proposal seeks ¥100 per share, equivalent to a DOE (dividend on equity) ratio of 7%, which it considers to be excessive, exceeding the net profit per share of ¥58.65.

In addition, the company will invest and enhance its financial base to be able to respond to changes in the business environment. The company believes that this is not in line with the Company's basic policy of striving to return appropriate profits to shareholders backed by business performance while making investments and enhancing the financial base to enable the Company to respond to changes in the business environment, and that it will not lead to an increase in the Company's corporate value over the medium to long term or the common interests of its shareholders.